Iowa Rent Report – May 2019

• The U.S. average rent increased by 2.5% ($35) year over year and reached $1,442 in May 2019, up by 0.3% ($5) month over month, according to Yardi Matrix data.
• The average rent in Des Moines, IA reached $906, a 2.4% ($21) year-over-year increase. 
• Ankeny, IA apartments are the most expensive among the cities analyzed ($1,123 per month), while apartments in Urbandale, IA have the cheapest rents ($836 per month). 

Apartment rents increase by 2.5% as the prime rental season kicks off

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months.

Residential rents are rising steadily across cities, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends

Renting in Iowa’s cities in May 2019

The average rent in Iowa’s cities is generally lower than the national average rent. Des Moines boasts an average rent of $906 per month, up by 2.4% ($21) year-over-year.

Of the cities analyzed, Ankeny apartments are the state’s most expensive for renters, with an average rent of $1,123 per month, followed by apartments in Johnston, where the average monthly rent is $1,114. Waukee ranks third, as renters here pay $1,083 on average for an apartment.

On the flipside, the most affordable cities to rent an apartment in Iowa are Urbandale ($836), and Clive ($843).

If we look at 5-year changes, Ankeny boasts a spectacular 20.62% spike in rents. Renters here pay on average $192 more each month than they did in 2015. Runner-ups are Des Moines and Council Bluffs, up by 20% ($151) and 17.23% ($133), respectively.

The fastest growing rents in May were in Council Bluffs, with prices increasing by 7.9% y-o-y. Renters here now pay $66 more per month than they did in May 2018. Altoona saw the second highest annual spike in the state, jumping by 3.6%, $33 more expensive than the same month last year.  Norwalk, Waukee, Des Moines, and West Des Moines also experienced rent growths of more than 2% year-over-year.

Rents dropped in Clive, down by 4.9% y-o-y and by 12% over the last 5 years, renters here paying on average $43 less each month than a year ago.

To compare the rental market in Iowa with other cities in the U.S., you can also check our national rent report.

Methodology